Equities

Morgan Stanley Capital International All Country World Index ex Korea (unhedged)

Fixed income

Bloomberg Barclays Global Aggregate Index ex KRW ex Korea

Inflation-linked bonds

Bloomberg Barclays Global Inflation-linked Bond Index

Cash

ICE BofA US 3-Month Treasury Bill

Private equity

Morgan Stanley Capital International All Country World Index ex Korea (unhedged) + 2%,  with a 3-month lag

Hedge funds

BofA Merrill Lynch 3-Month US Treasury Bill + 3.5%, with a 1-month lag

Real estate · infrastructure

G7 inflation rate + 4%, with a 3-month lag

Private debt*

Morningstar Global Leveraged Loan Index + 1.25%, with a 3-month lag